CUZ
COUSINS PROPERTIES INCORPORATED 2007 ANNUAL REPORT
50
YEARS
1958 – 2008
2007 Annual Report
Breaking Ground: 1958 –1967
CUZ
50th Anniversary
4
From leading the model home sales concept to
developing office in Atlanta’s urban core, Cousins
Properties’ early years were marked by expansion
and evolution. And the stage was set for the Company
to make a lasting impact on its hometown.
A Vision for a City: 1968 –1977
6
Professional sports spur Cousins’ Omni project,
redefining part of downtown Atlanta for generations to
come. The Company also moves into shopping malls
and several other businesses before the mid-1970s
real estate recession.
Pushing the Boundaries: 1978 –1987
8
Tough times caused Cousins to rethink project
Corporate Profile
(as of december 31st, 2007)
Cousins Properties Incorporated, headquartered in
financings and helped set the Company on its current
Atlanta, has extensive experience in the real estate
course. Late 1970s saw renewed focus on malls,
industry including the development, acquisition,
followed by a push into office buildings, due in part
financing, management and leasing of properties.
to a new relationship with one of America’s business
The property types that Cousins actively invests in
institutions, IBM.
include office, multi-family, retail, industrial and
land development projects. The Company’s portfolio
Reaching New Heights: 1988 –1997
10
consists of interests in 7.7 million square feet
of office space, 4.8 million square feet of retail
The Company became a national player, developing
space, 2.0 million square feet of industrial space,
some of the country’s most recognizable office towers
737 for-sale units in three under-development
in Atlanta and acquiring New Market Companies, a
multi-family projects, 24 residential communities
top retail developer. By 1997, Cousins was known for
under development, over 9,000 acres of strategi-
quality and innovation across the Sun Belt.
cally located land tracts, and significant land
holdings for development of single-family residential
communities. The Company also provides leasing
Building a Legacy: 1998–2007
12
In its fifth decade, Cousins continued to evolve,
pioneering the Avenue concept retail center; expanded
geographically with offices in Texas and California; and
added industrial and multi-family development skills.
And for the first time in Company history, there was a
and management services to third-party investors;
its client-services portfolio comprises 12 million
square feet of office and retail space. The Company
is a fully integrated equity real estate investment
trust (REIT) that has been public since 1962 and
trades on the New York Stock Exchange under
the symbol “CUZ.”
new Chairman and CEO: Tom Bell.
Property Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Review of Divisions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
About Your Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Shareholder Information.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
On the cover: Tom Cousins (right) and Charles S. Mitchell,
Chairman of Cities Service Co. (Citgo), reviewing a model of the
Citgo Building (now called Two Live Oak Center) in Atlanta.
Letter to Shareholders
THOMAS D. BELL, JR.
Fifty years is a long time in the development
We are adept at identifying trends and reacting
business. I believe we are successfully celebrat-
quickly. From affordable single-family homes
ing our 50th anniversary in 2008 because the
to enclosed malls to suburban office parks
company has consistently adhered to the same
to lifestyle retail centers, Cousins has a history
core values throughout its history. Perhaps
of identifying emerging product types and
more importantly, it will be these same
becoming a leader. In 2003, we began to see
I believe we are successfully celebrating
our 50th anniversary in 2008 because the
company has consistently adhered to the
same core values throughout its history.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
principles that see us through the current
cap rates dropping and asset prices increas-
economic downturn and have positioned us so
ing and, as a capital recycler, we are always
well to take advantage of the opportunities we
alert to good selling opportunities. By the end
expect to see in 2008 and beyond. Most any
of 2006, we had sold or contributed to joint
company can make money during the good
ventures 35 projects totaling $2.7 billion. The
Like many of you, I grew up reading Life
times. It’s during a downturn that your mettle
sales resulted in $12.62 per share in special
magazine with its iconic design and always
is tested and Cousins Properties has been
dividends to our common shareholders.
interesting covers. For this historic annual
nothing if not cycle-tested over its 50 years.
DEAR SHAREHOLDERS
AND PARTNERS:
report, we thought evoking Life’s look was
In early 2007, we saw the economy begin
We have long understood the benefits of main-
to weaken and we moved quickly to solidify
taining diverse development expertise. Just in
our capital base to both weather the trying
the past decade, we have seen office, retail and
times and position the Company to make the
residential development each take a turn as
most of opportunities that we anticipate will
A lot can happen in 50 years. Take our hometown
the most successful division of our Company.
come our way.
of Atlanta. The metro area’s population in 1958
Over the years, this diversity has allowed us
was just over 1 million people. In 50 years, it
to find opportunities to create value for our
has quintupled to more than 5 million. Fifty
shareholders when very few existed.
Just in the past decade, we
We have learned the most important develop-
have seen office, retail and
a fitting way to mark our Company’s 50th
anniversary. We hope you enjoy reading it
as much as we enjoyed creating it.
years ago saw the first jets landing at Atlanta’s
fledgling airport. Now, Hartsfield-Jackson
Atlanta International Airport is the world’s
busiest with approximately 1 million takeoffs
and landings every year.
The year 1958 also saw the start of a small
family-owned homebuilding company, led by
Tom Cousins and his father, Ike. Tom had seen
success working for Knox Homes of Thomson,
Georgia and decided to strike out on his own.
By the early 1960s, Cousins Properties was
the largest homebuilder in the state of Georgia.
In 1962, the Company went public and by
1964 had diversified into apartments, town-
ment decisions are often made before a single
shovel is put in the ground. Our five-level
underwriting process continues to help us invest
your money wisely in good times and bad.
We are not interested in size for size’s sake.
People are often surprised when we say we
aren’t trying to get bigger, just better. Keeping
our capital base smaller means better total
returns when we invest in new developments.
And because we are focused on total return,
and not size, our team isn’t encouraged to pursue the wrong projects just to grow.
residential development
each take a turn as the most
successful division of our
Company. Over the years,
this diversity has allowed us
to find opportunities to create
value for our shareholders
when very few existed.
homes and started its first office building in
downtown Atlanta.
2007 ANNUAL REPORT
Letter to Shareholders
CONTINUED
First, we moved to recast our unsecured
Finally, on the capital front, late in the year we
565,000-square-foot office building adjacent
credit facility, expanding it to $500 million
announced a new venture with an affiliate of
to 10 Terminus.
and adding a five-year $100 million term loan.
Prudential on the development of Terminus 200.
We ended up with a record number of banks
The venture is a 50-50 partnership on the
participating in this facility and were offered
$172.5 million Terminus 200 – the second office
more capital than we needed. Along with other
building at Terminus – with a handsome upside
financings we arranged in 2007, this facil-
for Cousins should we meet certain project goals.
ity gives us more than enough dry powder
It’s exciting to partner again with Prudential.
In Downtown Atlanta, we saw major leasing
success at One Ninety One Peachtree Tower,
where we have now signed more than 705,000
square feet in new leases since acquiring the
building in September 2006. Also last year, we
signed the Georgia Department of Transportation
Beyond those important moves, we also had
to a 284,000-square-foot lease at One Georgia
quite a few development and leasing deals to
Center, Atlanta’s largest office lease of 2007.
celebrate in 2007.
That building is now fully leased.
In Office/Multi-Family, we had a busy year
On the retail front, we started the The Avenue
at Terminus. We brought Terminus 100 to
Forsyth, our largest Atlanta-area Avenue at
with CB Richard Ellis and
95 percent leased by expanding leases with
527,000 square feet. Located in the fast-growing
CB Richard Ellis and Premiere Global along
suburbs of northern Atlanta, we already have
Premiere Global along
with finding great smaller tenants to fill some
commitments from AMC Theaters, Barnes &
holes. We also opened all five signature restau-
Noble and a host of shoppers’ favorite lifestyle
rants to rave reviews, making Terminus a true
center retailers. In October, we opened The
tenants to fill some holes.
destination and bringing tremendous life to
Avenue Murfreesboro in suburban Nashville.
to bring our current development projects to
In Downtown
Atlanta, we saw
major leasing success at One Ninety
One Peachtree
Tower, where we
have now signed
more than 705,000
square feet in new
leases since acquiring the building in
September 2006.
We brought Terminus
100 to 95 percent leased
by expanding leases
with finding great smaller
the finish line and continue to explore and act
on new opportunities.
In the second half of the year, we completed
non-recourse financings on three successful
projects. At the American Cancer Society Center
(formerly Inforum) in Downtown Atlanta, we
were able to secure a $136 million financing
with JP Morgan Chase on a 100 percent leased
building. At Buckhead’s Terminus 100, which is
now 95 percent leased, we were able to negotiate
a $180 million loan with Northwestern Mutual.
And at San Jose MarketCenter, we entered into
an $83 million loan with Union Labor Life
Insurance Company of America.
What’s remarkable about these deals are the
great rates and project values we were able to
get despite a continually worsening economic
environment. The approximate project costs for
each building were covered by the loans and
each loan was done at 70 percent loan to value,
the street level.
implying at least 40 percent value creation in
these projects. These transactions are a testa-
We began construction of 10 Terminus Place
It’s our largest Avenue ever and mixes the best
ment to both the quality of the projects and the
in April. By the end of the year, the 137-unit
elements of lifestyle and power centers to create
quality of the teams that developed, leased and
condominium building had topped out with
a hybrid that may serve as a great model for
managed them.
34 units under contract. Two months later, we
large regional projects.
broke ground on Terminus 200, a 25-story,
COUSINS PROPERTIES INCORPORATED
In October, we opened The Avenue Murfreesboro in suburban
Nashville. It’s our largest Avenue ever and mixes the best
elements of lifestyle and power centers to create a hybrid that
may serve as a great model for large regional projects.
In Kansas City, we started Tiffany Springs
but for now, we have stopped lot production
proud to turn 50 in a business where develop-
MarketCenter, a 585,000-square-foot power
in nearly all of our projects while we wait for
ers come and go with startling regularity. We
center featuring strong anchors like Target,
demand to return.
are thankful to the many people who have
The Home Depot, JCPenney and Best Buy. The
center is now 87 percent committed and slated
to open in the summer of 2008.
Without a doubt, 2008 will be a challenging
year. As I write this, we’re seeing broad swings in
the stock market, causing many investors to seek
Our Industrial Division faced some leasing
more stable investments. Congress has passed an
challenges this year but did position itself for
economic stimulus plan. The residential market
made this Company great over the years, from
investors and shareholders to employees and
clients. I would also be remiss if I didn’t thank
Tom Cousins again for his mammoth impact
on our company.
future success outside Dallas by purchasing
a 47-acre tract in Lancaster, Texas, where
of Fort Gillem in suburban Atlanta.
We are thankful to the many people who
have made this Company great over the
years, from investors and shareholders to
employees and clients.
In Kansas City, we started
continues to slide and consumer confidence, for
In the year since he retired as chairman of our
years boosted by the ever-growing value of
board, I have learned to appreciate his influence
home ownership, began to fade late in 2007.
even more. Ultimately, Cousins Properties has
at the appropriate time we hope to develop
a 776,000-square-foot distribution facility
with our partner, Seefried Properties. The
industrial group also got some great news in
early December when it was selected as master
developer on the proposed redevelopment
Tiffany Springs MarketCenter,
a 585,000-square-foot power
center featuring strong anchors
like Target, The Home Depot,
Tom Cousins has always said the best deals
come in bad markets. I hope the new year
proves him correct. Our focus will be to
become what it is because of the collective faith
and support that all of you have shown over
these past 50 years. Thank you.
continue to examine opportunities thoroughly
We look forward to earning your continued
JCPenney and Best Buy. The
and execute well. In 50 years, we have been
support in the years ahead.
center is now 87 percent com-
success but we have always emerged stronger
mitted and slated to open in
the summer of 2008.
As many of you know, our Land Division
through these cycles with varying degrees of
at the end. The economic forecasts may not be
positive but after all of the capital moves we
made over the last few years, we are in a great
Thomas D. Bell, Jr.
position to take advantage of the opportunities
Chairman & Chief Executive Officer
that generally occur during rough times.
struggled in 2007 as homebuilders stopped
As I said in the beginning, a lot can happen
buying lots in reaction to the steep drop
in 50 years. Cities can become metropolises,
in residential demand. We will continue to
entrepreneurs can become legends and com-
adjust our strategy in reaction to the market
panies can become institutions. We are very
2007 ANNUAL REPORT
PIEDMONT CAIN RIBBON CUTTING Mayor Ivan Allen leads the festivities during the opening of Cousins’ first
office building, now home to the Georgia Department of Labor.
BREAKING GROUND:
1958 –1967
In 1958, a 25-year-old Tom Cousins made a
Apartments, Interstate North Office Park and
fateful decision: Leave his position as Vice
The Decks, an ambitious play to remake down-
President of Sales for Knox Homes and start
town Atlanta’s railyards. Cross Creek’s selling
his own residential real estate business. With
point was the adjacent golf course (also devel-
his father Ike by his side, Cousins Properties
oped by Cousins) and its success led to a string
was born. Early on, the Company developed
of Cousins-developed communities featuring
single family residential communities, starting
strong recreational components, most notably
with a tract of land and a then-unique model
the still-popular Indian Hills Golf Club and
home strategy to lure buyers. The Company
neighborhood in Cobb County, north of Atlanta.
went public in 1962 and that cash infusion
The Company also began its first retail project
pushed the company to expand into condomin-
during that period – Cambridge Square on
iums and townhomes by 1964, the same year
Ashford-Dunwoody Road.
Cousins was named the largest homebuilder
in Georgia. The Company started its first office
building – The Piedmont-Cain Building in
One of few projects of that era that the
Company is still involved with today is Two
the building for its owner, our longtime partner
TIAA-CREF.
Live Oak Center (pictured on the cover).
By the end of its first decade, Cousins Properties
Originally called the Citgo building, this
had established itself as an emerging leader in
The diversified developer that Cousins is
13-story, 279,000-square-foot office building
the real estate business in a number of eastern
today took shape during those early years. The
at the corner of Peachtree and Lenox roads in
seaboard markets. But as it entered 1968, the
next year saw the beginning of three of the
Buckhead was sold with The Pinnacle building
Company was poised to make an even larger
Company’s notable early projects: Cross Creek
in 2004 but Cousins still manages and leases
impact on its hometown of Atlanta.
downtown Atlanta – in 1965.
“Our Company got started during a difficult period for homebuilders but
we pushed ahead because we truly believed Cousins could deliver a better
product. Luckily, customers agreed. From there, townhomes, retail and
even office seemed natural for us to try.”
TOM COUSINS
Founder
COUSINS PROPERTIES INCORPORATED
INDIAN HILLS COUNTRY CLUB One of Atlanta’s first planned golf course communities, Indian Hills remains one of Cousins’ best known and most beloved residential
developments. Development began in 1967 and the first rounds of golf were played in 1969. Today, Indian Hills includes more than 1,350 single-family homes and a
challenging 27-hole golf course.
CROSS CREEK This 165-acre project became one
of the city’s most notable apartment complexes
during the 1970s and converted to condominiums
in the late 1980s.
WESTCHESTER SQUARE TOWNHOMES (at left)
Situated in Ansley Park, across from Atlanta’s
Piedmont Driving Club, Westchester Square was the
Company’s first for-sale multi-family development.
2007 ANNUAL REPORT
A VISION FOR A CITY:
1968 –1977
OMNI INTERNATIONAL Maurice Alpert (left) and Tom Cousins with a model of the Omni International, a mixed-use project in downtown Atlanta. Situated next to
Cousins’ Omni Arena, Omni International eventually became CNN Center.
COUSINS PROPERTIES INCORPORATED
ATLANTA IN THE 1970s The skyline of Cousins’ hometown began to take on a more cosmopolitan feel in the 1970s.
In May 1968, Tom Cousins partnered with former Georgia Gov. Carl Sanders to purchase the
St. Louis Hawks basketball franchise and move it to Atlanta. This was the National Basketball
Association’s first foray in the Deep South and one of the conditions attached to the sale was
the city would back a new arena to house the Hawks. This was also a defining moment for Cousins
Properties, when the nascent company would make its first major impact on its hometown.
In 1966, the Company began The Decks, a parking structure over downtown’s rail yards. Across the
street from the Decks, Cousins tackled its largest project yet, building The Omni arena – a new home
for the Hawks and Atlanta’s first professional hockey team, The Flames (also owned by Tom Cousins).
But that was just the beginning for this emerging area of downtown. Adjacent to the Omni, Cousins
donated the land for the first phase of the Georgia World Congress Center, which has grown into
one of the country’s largest convention spaces. And, as part of the same complex, Cousins financed
the Omni International – an expansive project featuring office, entertainment and hotel space that
eventually became CNN Center, home to the news network and one of downtown Atlanta’s leading
tourist spots.
By the mid-1970s, the revitalization of downtown Atlanta was well underway and Cousins had
established itself as a major corporate citizen in the Capital of the New South.
But these downtown ventures are only part of the story. During the early 1970s, Cousins expanded
rapidly into regional malls, real estate finance, market research and even insurance. With 12 operating
divisions and 450 employees, the Company had come a long way in 15 years.
HICKORY HOLLOW MALL Started in 1977, this mall in
Nashville featured an innovative open atrium and remains
a popular shopping destination today.
The real estate industry was booming and Cousins took advantage. In 1971, the Company delivered
Rivergate Mall in Nashville and began development of another golf-anchored community, Hidden
Hills. At the time, it was Atlanta’s largest planned-unit development. The next year, it launched Omni
International, the Wachovia Bank Building in Charlotte and University Mall in Pensacola. By 1973, it
had more than 25 neighborhood shopping centers completed or under development and the Company
had developed more than 1.5 million square feet of office space.
Then the bottom fell out. From 1974 to 1977, the real estate industry experienced its worst period
since the Great Depression. Cousins, with its expansive development portfolio, was hit particularly
hard. But through a combination of debt reduction, halting new development starts and refocusing
on core product types like retail and residential, the Company was able to persevere and emerge lean
and focused as it headed into the late 1970s.
“Even as Cousins embarked on projects around the Southeast,
the Company really came of age as a local Atlanta leader during
this decade. It’s hard to overstate the importance of projects
like the Omni and the Georgia World Congress Center in remaking what was then the forgotten side of downtown Atlanta. Until
the debilitating mid-1970s real estate recession hit, Cousins
was at the peak of its game. And our survival during that period only added to the
Company’s growing stature.”
GEORGE BERRY
Former Senior Vice President
INTERSTATE NORTH Situated along Interstate 75 in Cobb
County, this partnership with David Rockefeller (center) was
one of Atlanta’s first suburban office parks.
2007 ANNUAL REPORT
PUSHING THE BOUNDARIES: Cousins ended the turbulent 1970s having learned a critical lesson:
Cousins’ office fortunes increasingly relied on an important relationship
During a downturn, developers are often at the mercy of others, from
with the country’s best known technology company, IBM.
space users to banks. Heading into the 1980s, Cousins took a more
conservative approach to development, securing prudent financing and
pre-leasing projects to mitigate the risks of development.
Wildwood Office Park, situated adjacent to the Chattahoochee National
Forest in suburban Atlanta, became the focal point of Cousins’ office
activities. Starting with a small office building for its own headquarters,
During the late ’70s, Cousins continued to see success in the regional mall
the Company next won a contest to develop a training center for IBM at
business and hit 10 million square feet developed by 1980. New projects,
Wildwood. Impressed with the setting and the developer, IBM formed
led by Haywood Mall in Greenville, South Carolina and Greenbrier Mall in
a partnership with Cousins to develop a series of office buildings, all at
Chesapeake, Virginia, opened well leased and with much fanfare. But sensing
least half-leased by IBM, to house its rapidly growing Atlanta presence. In
a shift in the market, in 1982, the Company sold much of its retail portfolio
1987, that led to the delivery of 2300 Windy Ridge Parkway, at the time
to focus on Class A office development. Over the course of the next decade,
one of Atlanta’s largest suburban office buildings.
2300 WINDY RIDGE At 636,000 square feet, the second IBM-anchored building at Wildwood is one of Atlanta’s largest suburban office buildings. All of the Wildwood office
buildings take advantage of the area’s natural beauty.
COUSINS PROPERTIES INCORPORATED
1978 –1987
Concurrently with the Wildwood boom,
Cousins opted in 1986 to become a real
estate investment trust (REIT) and in 1987,
announced plans to develop One Ninety One
Peachtree Tower with Houston-based Hines,
still widely regarded as one of the finest office
towers in the Southeast. Like the early 1970s,
it seemed that the Company’s fortunes were
continually on the rise.
3100 WINDY HILL Workers put the finishing
touches on the IBM Training Center at Wildwood.
SUMMIT GREEN Cousins/IBM office project in
Greensboro, North Carolina.
haywood MALL Completed in 1980, this 1.2 million-square-foot mall is still Greenville, South Carolina’s largest
and features more than 150 retailers including Macy’s, Dillard’s, Belk and JCPenney.
“Having arisen like a Phoenix, in the late 1970s
our focus shifted to the creation of major
commercial developments on a much larger
scale. Regional malls were an early staple
of this period and large-scale office projects
like Wildwood and One Ninety One Peachtree later took
center stage.”
CECIL CONLEE
Former President and Chief Operating Officer
2007 ANNUAL REPORT
101 SECOND STREET Cousins’ first office tower in
San Francisco, 101 Second Street was an example of
Cousins’ partnering approach to new office markets.
In this case, Cousins and Myers Development went on
to develop another successful tower in San Francisco
before selling both in 2004.
BANK OF AMERICA The 1,023-foot tall skyscraper
was completed in 1992 and is America’s tallest outside of New York City and Chicago. The Company
(with partner Bank of America) sold it in 2006 but
continues to manage it.
one ninety one PEACHTREe tower
This downtown building kicked off Atlanta’s trophy
tower period, when at least six dramatic skyscrapers
– including SunTrust Plaza, Bank of America Plaza
and Concourse V and VI – were delivered in a fouryear span.
reaching NEW HEIGHTS: Cousins’ activity between 1988 and 1992 reads
But as dramatic as these projects are, Cousins’
Even with the importance of these develop-
like the Top 10 hits list of Southeastern office
best known landmark has to be Bank of
ments, one of the most lasting events to come
projects: One Ninety One Peachtree Tower,
America Plaza. Started as a partnership
from this period was the Company’s acquisition
Wildwood Plaza and Bank of America Plaza,
between two Atlanta institutions – Cousins
of New Market Companies, one of the country’s
along with First Union Tower in Greensboro,
and C&S Bank – the 1.25 million-square-foot
fastest growing retail developers. New Market,
all delivered during this span.
building is the tallest in America outside New
led by Dan DuPree, had been an early pioneer
York and Chicago. That distinction came at
of the power center concept around the country
an important time for Atlanta, which was also
and gave Cousins a grand reentry into the retail
emerging on the international scene because
development business.
One Ninety One opened 80 percent leased with
high-profile tenants like King & Spalding and
Wachovia Bank. Its success was followed closely
by Wildwood Plaza, an I.M. Pei-designed project that brought innovative design to a natural
suburban setting and that also remains today
as Cobb County’s largest office building at
700,000 square feet.
10
COUSINS PROPERTIES INCORPORATED
of its growing reputation as a headquarters
city and the approach of the 1996 Olympic
Games. The building continues to be closely
associated with Cousins despite its recordbreaking $436 million sale in 2006.
Led by its New Market division, Cousins then
spearheaded the development of North Point,
a 500-plus acre tract in north Fulton County
anchored by a new Homart Development Co.
mall. Other Cousins/New Market projects
WILDWOOD PLAZA One of Atlanta’s largest suburban
office buildings, Wildwood Plaza was developed as
part of a longstanding partnership between Cousins
and IBM.
1988 –1997
MIRA MESA MARKETCENTER After the 1992
acquisition of retail developer New Market Companies,
Cousins expanded its retail footprint to California,
developing power centers in several southern
California markets.
PERMETER EXPO Another early Cousins/New
Market project, Perimeter Expo’s two-story format
was unique for power centers and represented a new
way to develop big box centers on smaller sites.
included Perimeter Expo, located adjacent to
Perimeter Mall, and Presidential MarketCenter,
a Target-anchored power center in the booming
northeastern suburbs of Atlanta.
During the mid-to-late1990s, Cousins was
hitting on all cylinders, developing office and
retail projects from Florida to Washington, D.C.
to California, and forming a new medical office
division to take advantage of that growing market.
The Company returned to residential development during this period, mainly through a
venture with Temple-Inland in Paulding County,
Georgia. The future certainly looked bright.
“There are times when everything
just seems to go right and that was
certainly true of Cousins during
this decade. Skyline-changing towers were delivered year after year
and we became known for cuttingedge retail developments again.
The Company was on the move.”
DAN DUPREE
President
2007 ANNUAL REPORT
11
BUILDING A LEGACY:
The late 1990s were a continuation of the boom
are also Talbots or American Eagle shoppers and
that started around the purchase of New Market
gives them more options in one center.
Companies in 1992. Cousins continued to deliver
iconic office projects like The Pinnacle, successful
“Fifty years in, Cousins
is still doing what
it does best: creat-
residential communities across Atlanta and in retail,
the Company introduced a new kind of center,
The Avenue®.
Beyond the success of the Avenue concept, the past ten
years at Cousins has been marked by expansion and
change. During this period, Cousins developed office
projects in San Francisco, Charlotte, Atlanta, Austin,
Los Angeles, Birmingham and Washington, D.C.
This new “lifestyle” concept took premier national
The Retail Division also expanded in the Sun Belt,
retailers – usually found in malls – and mixed them
bringing the Avenue concept to California, Florida
world-class real estate.
with local merchants and specialty restaurants in
and Tennessee. Cousins’ residential developments
In good markets and
an upscale, open-air setting. Cousins began its first
expanded through partnerships into markets in Texas
Avenue in 1998, targeting the affluent Atlanta suburb
and Florida as well.
ing value developing
bad, we know the
of East Cobb. The Avenue East Cobb opened in 1999
Company’s steady
to rave reviews from retailers, shoppers and media,
direction and clear
and remains one of the most successful retail projects
mission will keep it
on the right course.
Here’s to the start of
our next 50 years.”
TOM BELL
Chairman and CEO
in the Company’s history. Over time, The Avenue
concept has expanded to include regional centers
that approach mall sizes but still retain the Avenue
character and feel.
Cousins’ latest Avenue is another evolution of the
concept. The Avenue Murfreesboro, developed in
partnership with Faison Enterprises, combines a typical Avenue retailer mix with power center retailers
like Best Buy, Dick’s Sporting Goods and Petco. This
hybrid approach recognizes that Best Buy shoppers
Expansion also occurred internally. In 2004,
Cousins formed its Industrial Division, led by industry veteran Forrest Robinson. The next year, Cousins
moved back into multi-family development with the
acquisition of The Gellerstedt Group, an Atlantabased developer. The two moves further diversified
the Company’s development skills and also allow it to
react to nearly any development opportunity.
Change came in early 2002, when founder Tom Cousins
stepped back from his day-to-day role with the Company
and the Board named Tom Bell as President and
CEO. Bell took over during an interesting time for the
Company as it struggled to maintain its momentum
THE AVENUE CARRIAGE CROSSING Completed in 2005, this was Cousins’ first large-scale Avenue and its first in Tennessee.
12
COUSINS PROPERTIES INCORPORATED
1998 –2007
in a declining economy. During the first two
years under Bell, Cousins refocused its energy on
retail development as the economy improved and
more capital moved into real estate investment.
By 2004, the market for stable, high-quality real
estate had become heated and Cousins, whose
portfolio was filled with these assets, decided to
act. Beginning with two smaller sales in 2003
SEVEN HILLS One of the Land Division’s newest Atlanta
communities, Seven Hills is planned for more than 2,000
homes and includes Seven Hills Park, a 13-acre recreation
and amenity center for Seven Hills residents.
through a flurry of activity in 2004 and the final
large-scale sales in 2006, the Company and its
partners sold or contributed to joint-ventures
35 projects totaling $2.7 billion. Common shareholders received $12.62 in special dividends
during that period.
Fifty years in, Tom Cousins is now fully retired
from Cousins but the Company he founded is
still one of the Sunbelt’s most active developers, refilling its portfolio with high-quality
projects across all of its product types. In 2007,
the Company opened Terminus and the Avenue
Murfreesboro, two of its most ambitious projects
in decades. And just as it did in 1958, Cousins
Properties creates value through development,
operates with the highest integrity and is persistently focused on shareholder returns. Neither
Tom would have it any other way.
FROST BANK TOWER Austin’s tallest and largest
office building, Frost Bank Tower overcame a rough
economy to set a Texas record, selling for $354 per
square foot in 2006.
JEFFERSON MILL As the second Atlanta project
for Cousins’ Industrial Division, Jefferson Mill is well-located to capture demand up the busy
Interstate 85 North corridor.
2007 ANNUAL REPORT
13
F
rom Apple Valley to Terminus: 5 0 years of Cousins Properties
It all started with a novel concept: Buy land for houses but instead of building then selling, start with a model home and
take orders for the other homes before you build. It was conservative, innovative and highly successful. In only a few years,
Cousins Properties used that winning formula to become the largest homebuilder in Georgia. The rest, as they say, is history.
Fifty years’ worth on two pages. The totals are impressive: 20 million square feet of office space, 20 million square feet of
retail space (including seven regional malls), more than 3,500 multi-family units and 60-plus single family communities.
Many are pictured below.
14
COUSINS PROPERTIES, INCORPORATED
2007
ANNUAL REPORT
15
Review of Divisions
OFFICE/MULTI-FAMILY
Office development remains one of the cornerstones of Cousins’ business. The Company’s success
over the past five decades is a product of our development experience, commitment to quality,
award-winning property management services and the relationships we’ve nurtured with outstanding companies – many of whom have chosen to partner with us. In June 2005, the Office Division
became the Office/Multi-Family Division, following the acquisition of The Gellerstedt Group, a
firm that specialized in multi-family urban residential projects. The Division is now positioned
to take advantage of the increasing demand for quality mixed-use developments in urban markets.
•Began construction of Terminus 200, a 25-story, 565,000-square-foot office building at Terminus
and formed a $172.5 million venture with Prudential Real Estate Investors to develop, own and
lease the building.
•Delivered Terminus 100 in April 2007 and ended the year at more than 90 percent leased. Also
opened four signature restaurants – AquaKnox, Lola, BrickTops and MF Buckhead – at Terminus.
•Signed more than 420,000 square feet in new leases at One Ninety One Peachtree Tower, a
50-story, 1.2 million-square-foot landmark office building in downtown Atlanta, where Cousins’
headquarters moved in April 2007.
•Signed the Georgia Department of Transportation to a lease for 284,000 square feet at
One Georgia Center in Atlanta.
•Began construction of 10 Terminus Place, a 32-story, 137-unit condominium tower and the
first residential offering at Terminus.
LAND
From the time Cousins was founded, the Company has understood the value of land and has sought
to control tracts of strategically located land for future development. Focused on Georgia, Texas
and Florida, the Land Division has 24 active residential developments that could total more than
18,000 single-family home lots when fully developed. As a developer of neighborhoods, Cousins is
responsible for acquiring and entitling tracts of land and building the infrastructure to support lot
sales to independent builders. The land planning includes construction of streets, amenities, utilities
and ­preparation of individual home sites for construction.
•Seven Hills, in northeast Paulding County, received several top awards from The Greater
Atlanta Homebuilders Association, including Community of the Year, Best Amenities and
Best Land Planning.
•Continued development and commenced lot sales at Blalock Lakes, a 3,000-acre equestrian and
shooting community centered around two lakes in Newnan, Georgia, and on Cousins’ 567-lot
residential community at Callaway Gardens, a well-known resort southwest of Atlanta.
•Callaway Gardens won the 2007 Argon award for environmental leadership and stewardship,
mostly due to the efforts of the Longleaf/Pine Mountain Builders team. Longleaf also received the
EarthCraft Community of the Year Award.
16
COUSINS PROPERTIES INCORPORATED
RETAIL
The Retail Division has assembled one of the premier development, leasing and property
management groups in the industry, developing more than 9 million square feet of neighborhood,
power and open-air specialty centers since 1992. Cousins is currently focused on expanding its
award-winning Avenue® specialty center concept in new and existing markets while continuing to
grow its successful MarketCenter® development business. Cousins’ strategy for retail development
is national in scope and has resulted in major projects in Atlanta, Orlando, Memphis, San Jose,
Nashville, Norfolk, Long Beach, San Diego and Los Angeles.
•Started construction of Phase I of The Avenue Forsyth, a 527,000-square-foot mixed-use
development at the intersection of Georgia 400 and Georgia 141 (Peachtree Parkway) in Forsyth
County, Georgia. This first phase will also include 64,000 square feet of office space.
•Purchased approximately 68 acres in Kansas City, Missouri and began construction of Tiffany
Springs MarketCenter, a 585,000-square-foot power center. This is Cousins’ first project in Kansas
City and will be home to more than 50 retailers and restaurants.
•Opened The Avenue Murfreesboro, a planned 810,000-square-foot open-air retail center in
suburban Nashville, Tennessee. The 660,000-square-foot first phase, conceived as the centerpiece of a 400-acre master-planned commercial development along Medical Center Parkway,
was 78 percent committed at opening.
INDUSTRIAL
Formed in April 2004, the Industrial Division is responsible for the development or ­management of
more than 2.5 million square feet of industrial space in Atlanta and Dallas. The division has formed
development ventures with two of Atlanta’s best known industrial ­developers, Weeks Properties and
Seefried Properties. With more than 525 acres of entitled land in two of Atlanta’s top industrial
submarkets, as well as the growing north Dallas submarket, the Industrial Division is well-positioned.
•Acquired 47 acres at the intersection of Interstate 35 and West Street in Lancaster, Texas, south of
Dallas. In partnership with Seefried Properties, Inc., Cousins plans to develop a 776,000-square-foot
bulk distribution building on the site.
•Chosen as master developer by The Forest Park/Fort Gillem Local Redevelopment Authority
for the $750 million redevelopment of Fort Gillem, a 1,427-acre military base slated to close in
suburban Atlanta.
•Sold an 18-acre industrial tract, which will be developed as the headquarters for Shumate
Mechanical Company, at Jefferson Mill Business Park.
2007 ANNUAL REPORT
17
FINANCIAL HIGHLIGHTS
Years Ended December 31,
(in thousands, except percentages and per share amounts)
2007
2006
2005
2004
2003
$
$
$
$
17,672
0.34
48,437
0.92
(35%)
$ 217,441
$
4.14
$ 74,469
$
1.42
(1%)
$
$
$
$
34,491
0.67
73,746
1.43
(33%)
$ 399,742
$
7.84
$ 108,878
$
2.13
(16%)
$ 238,803
$
4.83
$ 124,965
$
2.53
11%
$
$
76,782
–
$ 75,494
$ 175,470
$
$
74,649
–
$ 72,869
$ 356,493
$ 71,694
$ 100,544
Regular
Special Equity Market Capitalization at Year-End
(Common and Preferred) Adjusted Debt at Year-End (b) $
$
1.48
–
$
$
$
$
1.48
–
$
$
$
$
$1,305,168
$ 773,482
$2,030,872
$ 376,516
$1,638,420
$ 514,560
$1,720,885
$ 355,915
$1,603,351
$ 697,050
Total Market Capitalization at Year-End
$2,078,650
$2,407,388
$2,152,980
$2,076,800
$2,300,401
Adjusted Debt to Total Market Capitalization
at Year-End
Net Income Available to Common Stockholders
Diluted Net Income Per Common Share
Funds From Operations Available to Common Stockholders (“FFO”) (a)
Diluted FFO Per Common Share
% change in FFO from prior year
Dividends Paid to Common Stockholders:
Regular
Special Dividends Per Common Share:
37%
1.48
3.40
16%
24%
1.48
7.15
17%
1.48
2.07
30%
Stock Price at Year-End:
Common
Preferred Series A
Preferred Series B
$
$
$
22.10
22.38
20.59
$
$
$
35.27
25.90
25.53
$
$
$
28.30
25.75
25.40
$
$
$
30.27
26.15
25.00
$
$
$
30.60
27.25
–
(a) S
ee page 47 of the December 31, 2007 Annual Report on Form 10-K for a discussion of FFO. The reconciliations between Net Income Available to Common Stockholders and FFO are as follows: Net Income Available to Common Stockholders
$
17,672
$ 217,441
$
34,491
$ 399,742
$ 238,803
40,490
152
4,576
31,504
12,186
8,831
26,950
9.636
8,920
29,753
12,776
15,915
33,125
21,030
21,299
(2,793)
(5)
(2,911)
(12)
(2,951)
(78)
(2,652)
(35)
(2,511)
(34)
(5,535)
(18,095)
(1,186)
13,161
(3,012)
(86,495)
(135,618)
14,348
(15,733)
(1,037)
(1,935)
15,483
(118,056)
(81,927)
(176,265)
29,627
(100,558)
(93,459)
–
7,270
F
unds From Operations Available to Common Stockholders, as defined
Certain loss on extinguishment of debt
$
48,437
–
$
56,262
18,207
$
73,746
–
$ 108,878
605
$ 124,965
–
Funds From Operations Available to Common Stockholders, Excluding Certain Loss on Extinguishment of Debt
$
48,437
$
74,469
$
73,746
$ 109,483
$ 124,965
Diluted Weighted Average Shares
52,932
52,513
51,747
Depreciation and amortization:
Consolidated
Discontinued operations
Share of unconsolidated joint ventures
Depreciation of furniture, fixtures and equipment and
amortization of specifically identifiable intangible assets:
Consolidated
Share of unconsolidated joint ventures
Gain on sale of investment properties, net of applicable
income tax provision and minority interest:
Consolidated
Discontinued operations
Share of unconsolidated joint ventures
Gain on sale of undepreciated investment properties
51,016
49,415
(b) A
djusted debt is defined as the Company’s debt and the Company’s pro rata share of unconsolidated joint venture debt, excluding debt related to investment entities, as defined in the Company’s credit
facility agreement. The reconciliation between Consolidated Debt and Adjusted Debt is as follows:
Consolidated debt
Share of joint venture debt
Share of investment entities’ debt
$ 676,189
170,166
(72,873)
$ 315,149
172,085
(110,718)
$ 467,516
148,129
(101,085)
$ 302,286
135,764
(82,135)
$ 497,981
285,657
(86,588)
Adjusted Debt
$ 773,482
$ 376,516
$ 514,560
$ 355,915
$ 697,050
18
COUSINS PROPERTIES INCORPORATED
ABOUT YOUR DIVIDENDS
The high and low sales prices for the Company’s common stock and cash dividends declared per common share were as follows:
2007 Quarters
First
High Low Dividends Declared:
Regular
Special Payment Date:
Regular
Special $ 40.75
32.20
.37
–
Second
2006 Quarters
Fourth
First
Second
Third
Fourth
$ 35.17
$ 30.72
$ 31.62
28.19 23.97 20.77
$ 33.99
27.87
$ 33.49
29.02
$ 34.89
29.64
$ 38.77
33.13
Third
.37
–
.37
–
.37
–
2/22/07
5/30/07
8/24/07
12/21/07
–
–
–
–
.37
–
2/22/06
–
.37
–
5/30/06
–
.37
–
8/25/06
–
.37
3.40
12/22/06
12/01/06
The Company’s common stock trades on the New York Stock Exchange (ticker symbol CUZ). At February 20, 2008, there were 1,074 common stockholders
of record.
Timing of Dividends
The Company normally pays dividends to
common stockholders four times each year
in February, May, August and December.
In addition, the Company paid special dividends to its common stockholders in September
2003, November 2004 and December 2006.
During 2003 and 2004, Cousins issued Series
A and Series B preferred stock (see Note 6 of
“Notes to Consolidated Financial Statements”)
which generally pay dividends in February, May,
August and November.
Capital Gains Dividends
In some years Cousins will have taxable capital
gains. Cousins currently intends to distribute
100 percent of such gains to stockholders. The
Form 1099-DIV sent by Cousins to stockholders
of record each January shows total dividends
paid (including the capital gains dividends) as
well as that which should be reported as a
capital gain (see Note 6 of “Notes to
Differences Between Consolidated Net
Income and Cash Dividends Declared
Tax Preference Items and “Differently
Treated Items”
Cousins’ current intention is to distribute at
Internal Revenue Code Section 59(d)
least 100 percent of its REIT taxable income.
requires that certain corporate tax preference
Consolidated Net Income and Cash Dividends
items and “differently treated items” be passed
Declared generally differ for the following reasons:
through to a REIT’s stockholders and treated
as tax preference items and items of adjustment
a. Consolidated Net Income as reported
includes the income of consolidated non-REIT
in determining the stockholders’ alternative
entities. Such income is not included in REIT
minimum taxable income. The amount of this
taxable income.
adjustment is included in Note 6 of “Notes to
Consolidated Financial Statements.”
b. Differences in timing exist between
Consolidated Net Income as reported and
Cousins’ taxable income.
Tax preference items and adjustments are
includable in a stockholder’s income only for
c. For purposes of meeting REIT distribu-
tion requirements, ­dividends may be applied
purposes of computing the alternative mini-
to the calendar year before or after the one mum tax. Stockholders should consult their
in which they are declared. The differences
tax advisors to determine if the adjustment
between dividends declared in the current year
reported by Cousins affects their tax filing.
and dividends applied to meet current year
REIT distribution requirements are enumerated in Note 6 of “Notes to Consolidated
Financial Statements.”
Consolidated Financial Statements”).
2007 ANNUAL REPORT
19
DIRECTORS & OFFICERS
DIRECTORS
Thomas D. Bell, Jr.
Chairman of the Board and
Chief Executive Officer
Erskine B. Bowles
President
University of North Carolina
James D. Edwards
Former Managing Partner –
Global Markets
Arthur Andersen LLP
Lillian C. Giornelli
Chairman and Chief Executive Officer
The Cousins Foundation, Inc.
S. Taylor Glover
President and CEO
Turner Enterprises, Inc.
James H. Hance, Jr.
Retired Vice Chairman
Bank of America Corporation
William B. Harrison, Jr.
Retired Chairman
JPMorgan Chase & Co.
Boone A. Knox
Managing Trustee
The Knox Foundation
William Porter Payne
Partner
Gleacher Partners LLC
John D. Harris, Jr.
Senior Vice President and
Chief Accounting Officer,
Assistant Corporate Secretary
John C. Olderman
Senior Vice President,
Associate General Counsel and
Assistant Corporate Secretary
Robert M. Jackson
Senior Vice President, General
Counsel and Corporate Secretary
Jeffrey S. Quinn
Senior Vice President – General
Manager, Callaway
Tad Leithead, Jr.
Senior Vice President – Development
Craig A. Lacey
Vice President – Development
Mark A. Russell
Senior Vice President and
Senior Investment Officer
Deloris Schmidt
Vice President – Operations
Wendy C. Fitchjarrell
Vice President –
Retail Division Controller
Office/Multi-Family
Division Officers
Matthew F. Gove
Vice President –
Marketing and Communications
Dennis A. Granger
Vice President – Information Systems
Patricia A. Grimes
Vice President – Financial and SEC
Reporting and Accounting Policy
Karen S. Hughes
Vice President – Treasury and Finance
Elli D. Kaplan
Vice President –
Investor Relations and Research
Larry L. Gellerstedt, III
Senior Vice President –
President, Office/Multi-Family
John S. McColl
Senior Vice President – Southeast
Region Development and Leasing
Jack A. LaHue
Senior Vice President –
Portfolio Management,
Assistant Corporate Secretary
Tim Hendricks
Senior Vice President – Southwest
Region Development and Leasing
Kristin R. Myers
Vice President – Taxation
Mark P. Dickenson
Senior Vice President –
Director of Leasing, Dallas
Timothy A. O’Connell
Vice President – Internal Audit
J. Thad Ellis
Senior Vice President – Development
Melanie A. Ward
Vice President – Office Multi-Family
and Industrial Divisions Controller
Walter L. Fish
Senior Vice President –
Southeast Region Director of Leasing
Thomas D. Bell, Jr.
Chairman of the Board and
Chief Executive Officer
Industrial Division
Officers
James F. George
Senior Vice President –
Southeast Region Development
Daniel M. DuPree
President and Chief Operating Officer
Forrest W. Robinson
Senior Vice President –
President, Industrial Division
John N. Goff
Senior Vice President –
Southeast Region Development
Robert R. Currie
Senior Vice President – Leasing
Dara J. Nicholson
Senior Vice President –
Property Management
T.G. Cousins
Chairman Emeritus
Henry C. Goodrich
Director Emeritus
CORPORATE OFFICERS
R. Dary Stone
Vice Chairman of the Company
James A. Fleming
Executive Vice President and
Chief Financial Officer
Craig B. Jones
Executive Vice President and
Chief Investment Officer
Dan G. Arnold
Senior Vice President and
Chief Information Officer
Lawrence B. Gardner
Senior Vice President –
Human Resources
20
COUSINS PROPERTIES INCORPORATED
B. Earle Yancey
Vice President – Development
Land Division Officers
Bruce E. Smith
Senior Vice President –
President, Land Division
Daniel D. Camp
Senior Vice President – Development
Claude G. Winstead, III
Senior Vice President
Michael D. Brown
Vice President – Leasing, Austin
Carl Y. Dickson
Vice President – Asset Management
Molly Faircloth
Vice President
Jason J. Frost
Vice President – Development
Charles D. McCormick
Vice President –
Southwest Region Development
Scott F. Rees
Vice President – Leasing, Atlanta
Ronald C. Sturgis
Vice President –
Director of Operations
Retail Division Officers
Joel T. Murphy
Senior Vice President –
President, Retail Division
William I. Bassett
Senior Vice President –
Executive Vice President and Director
of Development, Retail Division
Steve V. Yenser
Senior Vice President –
Executive Vice President and Chief
Operating Officer, Retail Division
David C. Nelson
Senior Vice President –
Chief Financial Officer and Director of
Asset Management, Retail Division
Kevin B. Polston
Senior Vice President – Southeast
Regional Director, Avenue Projects
Darryl D. Bonner
Senior Vice President –
Director of Leasing
Pamela F. Roper
Senior Vice President,
Associate General Counsel and
Assistant Corporate Secretary
Lucien J. Conti, Jr.
Vice President – Development
Stephanie M. Hart
Vice President – Asset Management
John M. Kelley
Vice President – Development
David J. Knotts
Vice President – Development
Angie M. Leccese
Vice President – Brand Management
Thomas P. Prandato
Vice President – Operations
Amy S. Siegal
Vice President – Leasing
Steven J. Silverstein
Vice President –
Development and Regional Vice
President of Development – Southeast
Craig H. Wesemeyer
Vice President and
Director of Retail Leasing
SHAREHOLDER INFORMATION
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Deloitte & Touche LLP
COUNSEL
FORM 10-K AVAILABLE
Copies of the Annual Report on Form 10-K
for the year ended December 31, 2007, without
exhibits, along with interim reports on Form 10-Q,
are available free of charge upon written request
King & Spalding LLP
to the Company at 191 Peachtree Street NE,
Troutman Sanders LLP
Suite 3600, Atlanta, Georgia 30303. These items
TRANSFER AGENT AND REGISTRAR
American Stock Transfer & Trust Company
are also posted on the Companys’ web site at
www.cousinsproperties.com or may be obtained
from the SEC’s web site at www.sec.gov.
Operations Center
6201 15th Avenue
INVESTOR RELATIONS CONTACT
Brooklyn, NY 11219
Elli Kaplan
Telephone Number: 1-800-937-5449
Vice President, Investor Relations and Research
Fax Number: 1-718-236-2641
Telephone Number: 404-407-1972
CERTIFICATIONS
Fax Number: 404-407-1973
[email protected]
The Company has included in Exhibit 31 to
its Annual Report on Form 10-K, filed with the
CORPORATE HEADQUARTERS
Securities and Exchange Commission, certifi-
191 Peachtree Street NE
cates of the Chief Executive Officer and Chief
Suite 3600
Financial Officer certifying to the quality of the
Atlanta, GA 30303
Companys’ public disclosure. In addition, the
Telephone Number: 404-407-1000
Chief Executive Officer certified to the New
Fax Number: 404-407-1002
York Stock Exchange on May 25, 2007 that he
www.cousinsproperties.com
was not aware of any violation by the Company
of New York Stock Exchange corporate gover-
designed and produced by see see eye/Atlanta
nance listing standards.
Where Buckhead begins.
Terminus is timeless!
Long before Atlanta, the land here held great promise. It was a place
where trails converged, settlers put down roots, and commerce and social
interaction flourished. The town became known as Terminus.
Now, a new Terminus has sprung up from the same fertile ground. This
time it is an incredible combination of living, working and leisure spaces
that will transform the landscape and redefine the center of our city.
This mixed-use development from Cousins Properties, at the corner of
Peachtree and Piedmont, is an incredible combination of living, working
and leisure spaces that will transform the landscape of Buckhead forever.
Live.Work.Shop.Dine.
Imagine a country club right in the middle of the city. Where
rain never interrupts your practice time on the driving range.
Where a dedicated and highly trained staff is ready to meet
your every need. A country club with outstanding fitness and
conference centers and private dining rooms featuring cuisine
from some of Atlanta’s premiere restaurants.
Now imagine it’s all just a short elevator ride away at the
Terminus Club, the City Country Club.